AsiaFinance and InsuranceShipyards
DSME lends $114.5m to SBM Shipyard
Daewoo Shipbuilding & Marine Engineering (DSME) is to lend a total of KRW 133bn ($114.5m) to SBM Shipyard to extend repayment of its existing shareholder loans.
The loan has a 5% interest rate and is equal to around 2.8% of SBM’s equity capital.
The facility has a three-year tenor, from October 21 this year until October 20, 2018.
The new agreement brings the total balance of DSME’s lending to SBM Shipyard to KRW 179.30bn ($154.3m).